Cash allocation software increases efficiency for Loomis
Premier UK cash management specialist Loomis increase accounts receivable efficiency using Rimilia's award winning cash allocation software
Prior to implementation of Alloc8, the cash allocation process at Loomis was remit heavy and required manual input from staff which was resource intensive. Since going live with Rimila's award winning cash allocation software solution Alloc8, the current combined automatch rate is operating at 65% with manual processing accounting for only 13%.
These impressive results have been achieved using less resource in a relatively short space of time. The cash and credit control team can now further focus on building customer relationships rather than the allocation of payments.
Rimilia project specialists worked in partnership with Loomis during all stages of the implementation of Alloc8 and delivered onsite training to the cash team and credit controllers.
Rimilia Project Analyst Tony Harvey commented;
"Loomis are benefitting greatly from the control that Alloc8 has provided. Prior to implementation, it used to take several people to process cash which proved to be costly on resources. After implementing Alloc8 we managed to reduce this to one, part time person allocating cash which enabled the credit controllers to focus on more vital areas of work. It was a pleasure to work with the team at Loomis for the duration of this project".
Mark Beddoe, Financial Systems Manager for Loomis stated;
"Alloc8 has proven to be straightforward to implement and is an easy solution to use.
The levels of automation that Alloc8 is able to deliver in our receipt matching process is providing tangible benefits".
Don’t expect the achievements of the finance revolution to be limited to those of the last, AI has the potential to transform finance functions even more drastically.
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